PayPal is an online money transfer platform that allows ease of transacting globally with reduced restrictions on currency differences. The platform accepts twenty-three currencies and allows users to make withdrawal and top-up transactions to other platforms of which Safaricom’s M-pesa is recognized.
The two companies in a partnership with TransferTo developed the M-pesa PayPal Service that allows for transactions between M-pesa and PayaPal. Users can now withdraw funds in their Paypal accounts to M-pesa and from top ups from M-pesa to PayPal.
To link a new online account to your M-pesa please follow the following steps:
- Create an account with PayPal giving the required information and following guidelines, if you do not have one.
- Sign in to your account and enter your registered M-pesa phone number.
- Read the terms and conditions to understand the terms of engagement and consent you would be giving and then accept.
- A confirmation code of four digits will be sent to the phone number provided to verify the connection of the two accounts online.
- You can then proceed to make deposits or withdrawals between your two accounts.
To link an existing PayPal account to your M-pesa account,
- Sign in to your browser inputting the email primarily connected to the online platform and sign in.
- A confirmation code of four digits is automatically sent to the mobile number provided.
- Use the code online to initiate and complete account linking.
Once the linking is complete notified by email and text message, the user can send money to M-pesa from PayPal to M-pesa at a 3% withdrawal charge with amounts limited by M-pesa ranges. A 4% service charge is applied for funds sent from M-pesa to payPal with amounts limited by M-pesa ranges.
The service has proven to be resourceful for many Kenyans who get paid in other currencies via the platform to access their funds in Kenyan currency, all in a relatively short time span and on affordable rates.